It is an undisputed fact that “live below your means” is a fascinating question and a sentence will provide a summary of what you should expect in the article. “What Mr. A sees as disadvantage might be what Mr. B will see as an advantage. People have a different goal
To live below one’s means spending significantly less than what one could afford rather than living within your means which sounds sensible. A very good example is to settle for a much smaller house in the neighbourhood. Because it is cheaper despite the fact that you could afford a good and comfortable house or buying a used car rather than getting a new one.
There is a financial disadvantage of doing this and looking at it from another angle. It also has its own advantages. If you are spending the money saved on investment, it is right but if you will be spending it on drinks and less important things. You are wrong.
It is a smart decision to buy a used car with low mileage and as a matter of fact, THERE ARE ONLY FINANCIAL ADVANTAGES TO LIVING BELOW YOUR MEANS. This means living below your means has only advantage. The financial disadvantages of living below your means are subjective and personal.
A very good example is the fact that not everyone loves or wants a big house. Mr. A dream house might be the small house which means there’s no right or wrong approach to this.
However, there is also a need to consider the hidden cost that might come with living below your means. An example is buying a beatdown car is fine but you might end up spending more on repair cost.
The major disadvantage of that may be attached to living below one’s means is the risk of depreciation of the low priced things one settle for (an example is the low priced house or vehicle).
Another disadvantage we might affiliate to living below your means is the enhanced possibility of you crystallizing into a small-minded miser that doesn’t want to enjoy any benefit in the world. People will not see you as rich but they as a poor man with money. (read this to know how the law of attraction helps you succeed)
In conclusion, there is no good point to stand on the disadvantages of living below one’s means. Because it has loads of advantages and the disadvantages are based on choice.